The RBA made decision to increase the cash rate by 0.25% in their May 3rd meeting. This is the first increase since November 2010.
The cash rate will increase from 0.25% to 0.35%. It is anticipated that most lenders will increase their variable rate by at least the 25 basis points. Whilst some lenders were quick to pass on their intentions immediately, many will communicate their increase over the next few days.
To assist we have compiled an update of the lenders that we use and what the changes are, we will update these as we receive their communications.
If your lender is not on the list then please let us know and we will try and find out for you.
What will a 0.25% increase do to my repayments?
For a variable home loan of $450,000 with 25 years remaining the 0.25% increase will add an additional $56 per month to your repayments. Monthly repayments on a $450,000 home loan balance (25 years remaining) with a rate of 2.24% are $1,961, increasing rate to 2.49%, the payments will be $2,017.
You can try our our online comparison calculator to see how much the increase adds to your repayments:
|AMP||0.25% increase effective 16th May|
|ANZ||0.25% increase effective 13th May|
|Australian Military Bank||0.25% increase effective 20th May|
|Bank of China||Pending|
|Bank of Queensland||0.25% increase effective 13th May|
|Bankwest||0.25% increase effective 18th May|
|Commonwealth Bank||0.25% increase effective 20th May|
|Firstmac||0.25% increase effective 18th May|
|ING||0.25% increase effective 10th May|
|Keystart Home Loans||0.22% increase effective 20th May|
|La Trobe Financial||Pending|
|Macquarie Bank||0.25% increase effective 17th May|
|ME Bank||0.25% increase effective 13th May|
|NAB||0.25% increase effective 17th May|
|P & N Bank||0.15% (Simple and & products) and 0.25% all other increase effective 13th May|
|St George||0.25% increase effective 17th May|
|Suncorp||0.25% increase effective 18th May|
|Teachers Mutual Bank||Pending|
|Virgin Money||0.25% increase effective 13th May|
|Westpac||0.25% increase effective 17th May|
Need some help?
If you’d like some assistance then we are happy to review your current position and give you some options. To get in touch you can call the office on 08 9304 9682 or email firstname.lastname@example.org